SR-901-000
RMD:JM/GK:F:RESOURCE/STAFFREPORTS/5thandOlympicSite11304.doc
Council Meeting: January 13, 2004 Santa Monica, California
To: Mayor and City Council
From: City Staff
Subject: Authorization to Negotiate Terms and Conditions for Acquisition of Real
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Property Located at 430 Colorado Avenue, 1636 5 Street (also known as
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1632 5 Street), and 1640 5 Street
Introduction
This report requests authorization to negotiate with the owners or representatives of the
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properties at the northwest corner of 5 Street and Olympic Boulevard, consisting of
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adjoining parcels located at 430 Colorado Avenue, 1636 5 Street, and 1640 5 Street,
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all of which are located between 4 and 5 Streets, and Colorado Avenue and Olympic
Boulevard.
The properties are located adjacent to the downtown shopping district, and are
potentially available for public use. Current ownership, usage, and land square
footages are listed in Exhibit A, attached. All of the sites are zoned C3, Downtown
Commercial, and are useable for a variety of civic purposes, most notably public
parking, transit, affordable housing, or other uses.
Discussion
Acquisition of the property located between Olympic Boulevard and Colorado Avenue,
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and between 4 Street and 5 Street is not a part of any current defined City project.
However, these parcels are useable for a variety of potential public purposes including,
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but not limited to, a centralized downtown public parking structure, future transit
strategies, affordable housing, or other uses.
Budget/Financial Impact
No budget or financial impact is incurred as a result of action on this recommendation.
Any possible future budget or financial impact will be subsequently identified and
reported.
Recommendation
It is recommended that City Council authorize staff to commence discussions with the
owners or representatives of the real properties located at 430 Colorado Avenue, 1636
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5 Street, and 1640 5 Street , for their possible acquisition by the City.
Prepared by: Jeff Mathieu, Director of Resource Management
Gretchen Kubacky, Sr. Administrative Analyst
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RMD:JM/GK:F:RESOURCE/STAFFREPORTS/5thandOlympicSite11304.doc
Council Meeting: January 13, 2004 Santa Monica, California
Exhibit A
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NW Corner of 5 and Olympic Parcels
12/16/03
Property Address Ownership Land Sq. Footage Current Usage
430 Colorado Avenue Associate International 7,500 Office Building
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1636 5 Street Jandy LLC 8,799 Office Building
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(aka 1632 5 Street)
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1640 5 Street Martin H. Waldman, Trustee of the Waldman 22,460 Office Building
Family Trust created July 14, 1989 as to an
undivided one-half (1/2 ) interest and Jill
Spector Kurtzrock, Scott Ian Spector, Stacie
Ann Spector and Wells Fargo Bank, N.A.,
Trustee of the Julia Spector Trust under the
Harold Spector 1998 Revocable Trust dated
December 14, 1998 as to an undivided
one-half (1/2) interest
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